A Leederville office building has come to market for the first time in more than two decades, with leading independent commercial real estate agency Sterling Property appointed as exclusive selling agents for 61 Loftus Street.

The 1,305sqm site, featuring a single level 549sqm building, is available for sale via an Offers Invited process, closing at 2pm (AWST) on 10 October 2024, unless sold prior.

Available for the first time since 2001 the property offers opportunity for owner-occupiers to accommodate their own requirements with minimal capital expenditure required or savvy investors to generate a return. The property provides a short-term net income of more than $19,000 per month. The current zoning allows 6 storeys and potential development under future planning framework of up to 18 to 23 storeys, making this an exciting option for those seeking long-term growth.

Its prime location near the intersection of Newcastle and Loftus Streets also offers excellent signage opportunities and strategic access to Perth’s CBD and surrounding metropolitan areas, as well as 18 on-site parking bays.

Sterling Property Senior Partner Jack Bradshaw, who is managing the sale, said the asset represented an outstanding opportunity for owner-occupiers, investors, or developers.

“This is a rare chance to secure a high-profile site in one of Perth’s most sought-after city fringe locations,” Mr Bradshaw said.

“With significant redevelopment potential and its proximity to Leederville’s vibrant town centre, this property is ideally suited for those looking to capitalise on both immediate opportunities and long-term growth.”

Mr Bradshaw also highlighted the flexibility of the property.

“The functional open-plan layout could suit a variety of office users, including training groups,” Mr Bradshaw said.

“The inclusion of 18 parking bays, a storage area, and an outdoor courtyard adds to its appeal as a versatile offering in the market.”

Sterling Property Principal Partner Brian Neo said the long-term redevelopment potential under City of Vincent planning rules underpinned the appeal of the property for those seeking long-term growth.

“Currently zoned for 6 storeys, future planning frameworks within the Leederville Precinct Structure Plan (LPSP) and Cityscape sub-precinct indicate the potential for a development of up to 18-23 storeys,” Mr Neo said.

“The latest advice from the City of Vincent is that they plan to resubmit the LPSP to the WAPC for approval in early 2025, offering even greater potential for future growth.”

Interested parties are encouraged to act quickly to capitalise on this exceptional city fringe opportunity.